The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COM 002824100 2,050 44,250 SH   SOLE 5,000 0 39,250
ABBOTT LABS COM 002824100 463 10,000 SH   OTR 0 0 10,000
ABBVIE INC COM 00287y109 1,174 20,055 SH   SOLE 0 0 20,055
ACTAVIS PLC SHS g0083b108 1,190 4,000 SH   SOLE 4,000 0 0
ADVANCED MICRO DEVICES INC COM 007903107 107 40,000 SH   SOLE 0 0 40,000
AFLAC INC COM 001055102 2,560 39,988 SH   SOLE 0 0 39,988
ALASKA COMMUNICATIONS SYS GR COM 01167p101 50 30,000 SH   SOLE 0 0 30,000
ALLSTATE CORP COM 020002101 5,195 73,000 SH   SOLE 20,000 0 53,000
ALPS ETF TR ALERIAN MLP 00162q866 249 15,000 SH   SOLE 0 0 15,000
AMAZON COM INC COM 023135106 223 600 SH   SOLE 0 0 600
AMERICAN EXPRESS CO COM 025816109 1,039 13,300 SH   SOLE 1,000 0 12,300
AMERICAN HOMES 4 RENT CL A 02665t306 2,670 161,300 SH   SOLE 18,700 0 142,600
AMERICAN INTL GROUP INC COM NEW 026874784 2,003 36,553 SH   SOLE 0 0 36,553
AMERICAN RESIDENTIAL PPTYS I COM 02927e303 315 17,500 SH   SOLE 0 0 17,500
APPLE INC COM 037833100 1,718 13,805 SH   SOLE 0 0 13,805
ASHFORD HOSPITALITY TR INC COM SHS 044103109 289 30,000 SH   OTR 0 0 30,000
ASHFORD HOSPITALITY TR INC COM SHS 044103109 10 1,000 SH   SOLE 0 0 1,000
ASHLAND INC NEW COM 044209104 509 4,000 SH   SOLE 0 0 4,000
AT&T INC COM 00206r102 429 13,132 SH   SOLE 0 0 13,132
AUTOMATIC DATA PROCESSING IN COM 053015103 6,646 77,600 SH   SOLE 8,800 0 68,800
AVALON RARE METALS INC COM 053470100 2 10,000 SH   SOLE 0 0 10,000
AVIS BUDGET GROUP COM 053774105 217 3,679 SH   SOLE 0 0 3,679
BAIDU INC SPON ADR REP A 056752108 417 2,000 SH   SOLE 0 0 2,000
BANK AMER CORP COM 060505104 462 30,040 SH   SOLE 10,000 0 20,040
BERKSHIRE HATHAWAY INC DEL CL A 084670108 9,570 44 SH   SOLE 0 0 44
BLACKROCK INC COM 09247x101 1,280 3,500 SH   SOLE 0 0 3,500
BOEING CO COM 097023105 388 2,587 SH   SOLE 0 0 2,587
BOSTON PROPERTIES INC COM 101121101 281 2,000 SH   SOLE 0 0 2,000
BRISTOL MYERS SQUIBB CO COM 110122108 3,522 54,610 SH   SOLE 6,700 0 47,910
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 536 10,000 SH   OTR 0 0 10,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 6,211 115,849 SH   SOLE 21,000 0 94,849
CALPINE CORP COM NEW 131347304 293 12,797 SH   SOLE 1,367 0 11,430
CARNIVAL CORP PAIRED CTF 143658300 3,397 71,000 SH   SOLE 14,000 0 57,000
CATERPILLAR INC DEL COM 149123101 4,114 51,407 SH   SOLE 1,587 0 49,820
CHATHAM LODGING TR COM 16208t102 882 30,000 SH   OTR 0 0 30,000
CHATHAM LODGING TR COM 16208t102 294 10,000 SH   SOLE 0 0 10,000
CHESAPEAKE ENERGY CORP COM 165167107 360 25,400 SH   SOLE 0 0 25,400
CHEVRON CORP NEW COM 166764100 1,228 11,700 SH   SOLE 0 0 11,700
CHIMERA INVT CORP COM 16934q109 251 80,000 SH   OTR 0 0 80,000
CHIMERA INVT CORP COM 16934q109 220 70,000 SH   SOLE 0 0 70,000
CHUBB CORP COM 171232101 505 5,000 SH   SOLE 0 0 5,000
CIGNA CORPORATION COM 125509109 777 6,000 SH   SOLE 0 0 6,000
CISCO SYS INC COM 17275r102 275 10,000 SH   SOLE 10,000 0 0
COCA COLA CO COM 191216100 588 14,500 SH   SOLE 7,000 0 7,500
COLGATE PALMOLIVE CO COM 194162103 2,958 42,660 SH   SOLE 2,000 0 40,660
COMCAST CORP NEW CL A 20030n101 2,404 42,576 SH   SOLE 0 0 42,576
CONOCOPHILLIPS COM 20825c104 556 8,926 SH   SOLE 0 0 8,926
CONTRAFECT CORP *W EXP 01/31/201 212326110 29 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP *W EXP 10/31/201 212326128 13 16,666 SH   SOLE 0 0 16,666
CONTRAFECT CORP COM 212326102 265 51,450 SH   SOLE 0 0 51,450
COSTCO WHSL CORP NEW COM 22160k105 1,636 10,800 SH   SOLE 10,800 0 0
COVANTA HLDG CORP COM 22282e102 561 25,000 SH   SOLE 0 0 25,000
CREDIT SUISSE GROUP SPONSORED ADR 225401108 539 20,000 SH   SOLE 0 0 20,000
CVS HEALTH CORP COM 126650100 1,342 13,000 SH   SOLE 12,500 0 500
DDR CORP COM 23317h102 3,400 182,600 SH   SOLE 13,000 0 169,600
DELTA AIR LINES INC DEL COM NEW 247361702 4,195 93,300 SH   SOLE 9,600 0 83,700
DIAMONDROCK HOSPITALITY CO COM 252784301 141 10,000 SH   SOLE 0 0 10,000
DIRECTV COM 25490a309 2,892 33,979 SH   SOLE 0 0 33,979
DISNEY WALT CO COM DISNEY 254687106 10,893 103,850 SH   SOLE 8,700 0 95,150
DOW CHEM CO COM 260543103 1,319 27,500 SH   SOLE 2,500 0 25,000
DUN & BRADSTREET CORP DEL NE COM 26483e100 546 4,250 SH   SOLE 0 0 4,250
DYAX CORP COM 26746e103 24,571 1,466,492 SH   SOLE 0 0 1,466,492
ECOLAB INC COM 278865100 1,194 10,436 SH   SOLE 0 0 10,436
ELDORADO GOLD CORP NEW COM 284902103 69 15,000 SH   SOLE 0 0 15,000
EMPIRE ST RLTY TR INC CL A 292104106 188 10,000 SH   OTR 0 0 10,000
EMPIRE ST RLTY TR INC CL A 292104106 113 6,000 SH   SOLE 0 0 6,000
EQUITY ONE COM 294752100 400 15,000 SH   OTR 0 0 15,000
EQUITY ONE COM 294752100 160 6,000 SH   SOLE 3,000 0 3,000
EXCO RESOURCES INC COM 269279402 18 10,000 SH   SOLE 0 0 10,000
EXPRESS SCRIPTS HLDG CO COM 30219g108 1,223 14,100 SH   SOLE 0 0 14,100
EXXON MOBIL CORP COM 30231g102 1,311 15,428 SH   SOLE 2,400 0 13,028
FACEBOOK INC CL A 30303m102 310 3,775 SH   SOLE 0 0 3,775
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620r303 551 15,000 SH   OTR 0 0 15,000
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620r303 129 3,500 SH   SOLE 0 0 3,500
FIRST TR SR FLG RTE INCM FD COM 33733u108 211 15,300 SH   SOLE 0 0 15,300
FOREST CITY ENTERPRISES INC CL A 345550107 2,052 80,400 SH   SOLE 5,000 0 75,400
FOREST CITY ENTERPRISES INC CL A 345550107 1,353 53,000 SH   OTR 0 0 53,000
FRANCO NEVADA CORP COM 351858105 211 4,350 SH   SOLE 0 0 4,350
FUELCELL ENERGY INC COM 35952h106 741 592,700 SH   SOLE 0 0 592,700
GENERAL ELECTRIC CO COM 369604103 3,260 131,385 SH   SOLE 13,500 0 117,885
GENERAL GROWTH PPTYS INC NEW COM 370023103 886 30,000 SH   OTR 0 0 30,000
GENERAL GROWTH PPTYS INC NEW COM 370023103 5,447 184,324 SH   SOLE 24,042 0 160,282
GOLDCORP INC NEW COM 380956409 317 17,500 SH   SOLE 0 0 17,500
GOOGLE INC CL A 38259p508 447 806 SH   SOLE 0 0 806
GOOGLE INC CL C 38259p706 442 806 SH   SOLE 0 0 806
GRAMERCY PPTY TR INC COM NEW 38489r605 702 25,000 SH   OTR 0 0 25,000
GRAMERCY PPTY TR INC COM NEW 38489r605 1,925 68,575 SH   SOLE 12,750 0 55,825
GULFMARK OFFSHORE INC CL A NEW 402629208 214 16,400 SH   SOLE 0 0 16,400
HERSHA HOSPITALITY TR SH BEN INT A 427825104 590 91,200 SH   SOLE 10,000 0 81,200
HILTON WORLDWIDE HLDGS INC COM 43300a104 889 30,000 SH   OTR 0 0 30,000
HILTON WORLDWIDE HLDGS INC COM 43300a104 1,755 59,250 SH   SOLE 16,000 0 43,250
HOME DEPOT INC COM 437076102 1,738 15,300 SH   SOLE 13,300 0 2,000
HONEYWELL INTL INC COM 438516106 1,043 10,000 SH   SOLE 10,000 0 0
HOST HOTELS & RESORTS INC COM 44107p104 2,287 113,344 SH   SOLE 13,723 0 99,621
INTERNATIONAL BUSINESS MACHS COM 459200101 995 6,200 SH   SOLE 0 0 6,200
INTERSECTIONS INC COM 460981301 139 40,735 SH   SOLE 0 0 40,735
IRON MTN INC NEW COM 46284v101 402 11,016 SH   SOLE 0 0 11,016
ISHARES MSCI FRANCE ETF 464286707 1,117 43,000 SH   SOLE 0 0 43,000
ISHARES MSCI SZ CAP ETF 464286749 1,268 38,179 SH   SOLE 0 0 38,179
ISHARES U.S. PFD STK ETF 464288687 521 13,000 SH   SOLE 0 0 13,000
ISHARES US HOME CONS ETF 464288752 3,156 111,800 SH   SOLE 19,000 0 92,800
ISHARES GOLD TRUST ISHARES 464285105 1,076 94,000 SH   SOLE 0 0 94,000
ISHARES TR GLOBAL 100 ETF 464287572 646 8,400 SH   SOLE 0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 1,050 13,475 SH   SOLE 0 0 13,475
ISTAR FINL INC COM 45031u101 260 20,000 SH   OTR 0 0 20,000
ISTAR FINL INC COM 45031u101 325 25,000 SH   SOLE 0 0 25,000
JOHNSON & JOHNSON COM 478160104 4,587 45,600 SH   SOLE 16,000 0 29,600
JPMORGAN CHASE & CO COM 46625h100 5,979 98,700 SH   SOLE 16,700 0 82,000
KENNEDY-WILSON HLDGS INC COM 489398107 523 20,000 SH   OTR 0 0 20,000
KIMCO RLTY CORP COM 49446r109 2,038 75,900 SH   SOLE 8,500 0 67,400
KROGER CO COM 501044101 767 10,000 SH   SOLE 10,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540r409 2,017 16,000 SH   SOLE 10,000 0 6,000
LENNAR CORP CL A 526057104 5,665 109,350 SH   SOLE 26,400 0 82,950
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 267 7,000 SH   SOLE 0 0 7,000
LOWES COS INC COM 548661107 744 10,000 SH   SOLE 10,000 0 0
MACYS INC COM 55616p104 247 3,800 SH   SOLE 3,000 0 800
MARKET VECTORS ETF TR GOLD MINER ETF 57060u100 517 28,350 SH   SOLE 2,000 0 26,350
MARRIOTT INTL INC NEW CL A 571903202 402 5,000 SH   SOLE 0 0 5,000
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 293 3,620 SH   SOLE 180 0 3,440
MARSH & MCLENNAN COS INC COM 571748102 1,963 35,000 SH   SOLE 11,500 0 23,500
MASTERCARD INC CL A 57636q104 1,749 20,250 SH   SOLE 0 0 20,250
METLIFE INC COM 59156r108 2,525 49,950 SH   SOLE 17,000 0 32,950
MICROSOFT CORP COM 594918104 834 20,520 SH   SOLE 0 0 20,520
MONDELEZ INTL INC CL A 609207105 578 16,020 SH   SOLE 2,000 0 14,020
MONMOUTH REAL ESTATE INVT CO CL A 609720107 454 40,892 SH   SOLE 10,000 0 30,892
NATHANS FAMOUS INC NEW COM 632347100 368 6,800 SH   SOLE 0 0 6,800
NEW GOLD INC CDA COM 644535106 34 10,000 SH   SOLE 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105M603 48 10,000 SH   OTR 0 0 10,000
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105M603 6 1,165 SH   SOLE 0 0 1,165
NORFOLK SOUTHERN CORP COM 655844108 1,029 10,000 SH   OTR 0 0 10,000
NORFOLK SOUTHERN CORP COM 655844108 1,492 14,500 SH   SOLE 14,000 0 500
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 544 30,000 SH   OTR 0 0 30,000
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 1,125 62,100 SH   SOLE 10,000 0 52,100
ORACLE CORP COM 68389x105 1,208 28,000 SH   SOLE 0 0 28,000
PALO ALTO NETWORKS INC COM 697435105 292 2,000 SH   SOLE 0 0 2,000
PARKWAY PPTYS INC COM 70159q104 347 20,000 SH   SOLE 0 0 20,000
PEABODY ENERGY CORP COM 704549104 79 16,000 SH   SOLE 3,300 0 12,700
PEBBLEBROOK HOTEL TR COM 70509v100 354 7,600 SH   OTR 0 0 7,600
PEBBLEBROOK HOTEL TR COM 70509v100 233 5,000 SH   SOLE 0 0 5,000
PEPSICO INC COM 713448108 1,848 19,330 SH   SOLE 0 0 19,330
PFIZER INC COM 717081103 4,537 130,400 SH   SOLE 33,400 0 97,000
PHILIP MORRIS INTL INC COM 718172109 377 5,000 SH   SOLE 0 0 5,000
PHILLIPS 66 COM 718546104 351 4,462 SH   SOLE 0 0 4,462
PROCTER & GAMBLE CO COM 742718109 1,417 17,290 SH   SOLE 2,700 0 14,590
QUALCOMM INC COM 747525103 1,116 16,100 SH   SOLE 0 0 16,100
RAYTHEON CO COM NEW 755111507 218 2,000 SH   SOLE 2,000 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131n101 384 21,000 SH   SOLE 5,000 0 16,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 328 5,500 SH   SOLE 0 0 5,500
SANDRIDGE ENERGY INC COM 80007p307 72 40,500 SH   SOLE 0 0 40,500
SAP SE SPON ADR 803054204 289 4,000 SH   SOLE 0 0 4,000
SCHLUMBERGER LTD COM 806857108 2,161 25,896 SH   SOLE 0 0 25,896
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 8,251 109,500 SH   SOLE 13,000 0 96,500
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 4,060 83,297 SH   SOLE 12,300 0 70,997
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 2,581 35,600 SH   SOLE 6,000 0 29,600
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 4,661 83,580 SH   SOLE 10,340 0 73,240
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 3,727 89,945 SH   SOLE 2,000 0 87,945
SEVENTY SEVEN ENERGY INC COM 818097107 42 10,028 SH   SOLE 0 0 10,028
SIMON PPTY GROUP INC NEW COM 828806109 802 4,100 SH   SOLE 0 0 4,100
SL GREEN RLTY CORP COM 78440x101 257 2,000 SH   SOLE 0 0 2,000
SPDR GOLD TRUST GOLD SHS 78463v107 19,804 174,238 SH   SOLE 8,365 0 165,873
SPDR INDEX SHS FDS EURO STOXX 50 78463x202 8,240 212,250 SH   SOLE 26,300 0 185,950
SPDR S&P 500 ETF TR TR UNIT 78462f103 2,379 11,523 SH   SOLE 0 0 11,523
SPDR SERIES TRUST S&P BK ETF 78464a797 369 11,000 SH   SOLE 5,000 0 6,000
SPDR SERIES TRUST S&P DIVID ETF 78464a763 688 8,800 SH   SOLE 0 0 8,800
SPDR SERIES TRUST S&P HOMEBUILD 78464a888 2,359 64,000 SH   SOLE 16,000 0 48,000
STARWOOD WAYPOINT RESIDENTL COM SHS 85571w109 1,331 51,500 SH   SOLE 4,400 0 47,100
STRATEGIC HOTELS & RESORTS I COM 86272t106 3,239 260,618 SH   SOLE 37,000 0 223,618
SUMMIT HOTEL PPTYS COM 866082100 422 30,000 SH   OTR 0 0 30,000
SUMMIT HOTEL PPTYS COM 866082100 813 57,800 SH   SOLE 0 0 57,800
TARGET CORP COM 87612e106 821 10,000 SH   SOLE 10,000 0 0
TAUBMAN CTRS INC COM 876664103 1,519 19,700 SH   SOLE 1,000 0 18,700
TERRENO RLTY CORP COM 88146m101 333 14,600 SH   OTR 0 0 14,600
TERRENO RLTY CORP COM 88146m101 479 21,000 SH   SOLE 0 0 21,000
TIME WARNER CABLE INC COM 88732j207 442 2,951 SH   SOLE 0 0 2,951
TIME WARNER INC COM NEW 887317303 1,267 15,000 SH   OTR 0 0 15,000
TIME WARNER INC COM NEW 887317303 7,942 94,058 SH   SOLE 16,875 0 77,183
TJX COS INC NEW COM 872540109 1,051 15,000 SH   OTR 0 0 15,000
TJX COS INC NEW COM 872540109 5,303 75,700 SH   SOLE 23,300 0 52,400
TOTAL S A SPONSORED ADR 89151e109 248 5,000 SH   SOLE 0 0 5,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 677 20,000 SH   OTR 0 0 20,000
TWENTY FIRST CENTY FOX INC CL A 90130a101 6,161 182,050 SH   SOLE 16,800 0 165,250
UNILEVER N V N Y SHS NEW 904784709 626 15,000 SH   SOLE 0 0 15,000
UNION PAC CORP COM 907818108 4,368 40,332 SH   SOLE 8,300 0 32,032
UNITED PARCEL SERVICE INC CL B 911312106 6,906 71,240 SH   SOLE 18,400 0 52,840
UNITED TECHNOLOGIES CORP COM 913017109 293 2,500 SH   SOLE 0 0 2,500
URSTADT BIDDLE PPTYS INC COM 917286106 427 18,500 SH   SOLE 4,500 0 14,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,209 14,500 SH   SOLE 0 0 14,500
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1,378 14,900 SH   SOLE 0 0 14,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 5,716 53,300 SH   SOLE 0 0 53,300
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 937 19,230 SH   SOLE 0 0 19,230
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 308 3,100 SH   SOLE 0 0 3,100
VECTOR GROUP LTD COM 92240m108 871 39,665 SH   SOLE 0 0 39,665
VERIZON COMMUNICATIONS INC COM 92343v104 591 12,145 SH   SOLE 460 0 11,685
VISA INC COM CL A 92826c839 850 13,000 SH   SOLE 0 0 13,000
VORNADO RLTY TR SH BEN INT 929042109 224 2,000 SH   SOLE 0 0 2,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 351 4,150 SH   SOLE 0 0 4,150
WAL-MART STORES INC COM 931142103 1,645 20,000 SH   SOLE 4,700 0 15,300
WEATHERFORD INTL PLC ORD SHS g48833100 184 15,000 SH   OTR 0 0 15,000
WEATHERFORD INTL PLC ORD SHS g48833100 1,498 121,750 SH   SOLE 4,900 0 116,850
WESTERN COPPER & GOLD CORP COM 95805v108 5 10,000 SH   SOLE 0 0 10,000
WEYERHAEUSER CO COM 962166104 232 7,000 SH   SOLE 5,000 0 2,000
WHIRLPOOL CORP COM 963320106 202 1,000 SH   SOLE 0 0 1,000
WILLIAMS COS INC DEL COM 969457100 2,474 48,900 SH   SOLE 0 0 48,900
WINTHROP RLTY TR SH BEN INT NEW 976391300 163 10,000 SH   SOLE 10,000 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717x701 992 15,000 SH   SOLE 0 0 15,000
XPLORE TECHNOLOGIES CORP COM PAR $0.001 983950700 98 15,493 SH   SOLE 0 0 15,493